Transparency is the name of the game. Who are you? What is your source of income? What assets do own or have an interest in? Where do you Bank? Do you travel? Where do you go? How do you get there? What do you purchase and where?
Look behind you. Do you see the tracks that you’ve left? The information you divulge and that is “mined” from data bases paints a very detailed portrait of you. As such, the revenue agents are constantly checking to see if you owe “your fair share”. If you are fortunate enough to be self supportive with a family business that has cross border connections or a high level executive with multiple zeros on your paycheck, you probably have more than one bank account in more than one country. Because of FATCA, the U.S.’s effort to gather in income taxes due, many and eventually all countries will sign on through IGA’s to report back to the IRS(US) any financial institution account information of US citizens or tax domiciled entities. Other jurisdictions are following suite with their own tax reporting guidelines to apply to their citizens and tax domiciled entities. These regulations can become quite murky and through association can apply to non tax residents also. Therefore, if you have cross border relations, i.e. family or business partners, that receive some sort of transfer of value, you or they will probably be liable for owing a tax to one or more taxing authorities. This is probably the most prevalent way Family Wealth is eroded from generation to generation. Structuring your personal and business affairs properly can mitigate this constant in today’s world of enhanced revenue collection.
Seek ye the wisdom of professional business and tax planners to assist in your quest to preserve what you have worked so hard to achieve. They are ready to help you.
……………………………………………………….to your Increased Wealth!
Until next time,